JPMorgan Execs Hit With Derivative Suit Over $2.6B Deals

Law360, Los Angeles (January 10, 2014, 8:53 PM EST) -- A JPMorgan Chase & Co. shareholder hit a number of the company’s top executives with a derivative action for breach of fiduciary duty in New York state court on Friday, saying the defendants knowingly disregarded responsibilities and caused $2.6 billion in settlements with federal prosecutors.

The lawsuit comes just days after JPMorgan agreed to pay $2.6 billion and admitted it failed to warn law enforcement officials about Bernard L. Madoff's $65 billion Ponzi scheme in a series of settlements with the U.S. government and the trustee...